Healthcare for seniors could soon be given a huge innovation boost thanks to the VABeachBio Innovation Challenge.
This open innovation contest aims to result in the launch of 20 start-up companies focused on creating therapeutics, vaccines and devices for veteran-related illnesses, such as cancer and cardiovascular and neurological disorders.
“The challenge is the first-of-its-kind in the United States,” said Virginia Beach Economic Development Director Warren D. Harris. “We anticipate the impact of the start-ups will greatly improve the lives of our veterans in the region and around the world and their families.”
Bringing Innovations to Market
This initiative is looking to bring to market veterans’ health-related inventions that are commercially viable but that have not yet got any further than the laboratory. Many of these started out as federally-funded projects. Innovators, entrepreneurs and researchers from all over the world are being invited to take part. There are no restrictions on geographical location.
Organizers recommend that participating teams be multidisciplinary and cross-functional. For example a mix of business, medical/scientific and entrepreneurial disciplines.
Winners will be selected according to numerous criteria including the quality of an elevator speech (including a two-minute video with an executive summary), financial plan and business model.
Benefits of Winning
Winning teams will receive world-class mentoring, prize money, accelerator training, media exposure and access to the VABeachBio Innovation Park, which has around one million square feet of office and wet lab space.
Once selected, winners will negotiate licensing agreements with the institutions where the innovations were sourced.
For more information and to participate in this open innovation initiative, click here.